Doubting The Solar Boom? Now an Oil Giant Buys Into Solar Boom

Positive post from John Hanger predicting solar panels will soon be like Kudzu vines: ubiquitous and unstoppable! POW believes we should radically increase investment in renewables domestically, as other countries are taking the lead. Another good reason to fight hard to prevent the short – term trashing of Pennsylvania’s environment from fracking, with long-term human health consequences: renewables rock.

The following was published May 1, 2011 on former DEP Secretary John Hanger’s blog ‘Facts Of The Day‘:

“As previous posts discussed, GE is buying into the solar boom, showing it thinks the solar industry is going Big Time. And the latest big player to spend big bucks getting into the solar boom comes from Big Oil.

Total, the French oil giant, spent $1.3 billion to buy SunPower, an American solar manufacturer. Total will make more capital available to SunPower that will now be able to accelerate the deployment of its already high efficiency solar panels and push forward innovation to increase efficiency still further.

World class capital, world class corporate organization, world class R&D are all converging in the solar industry. Synergies are just beginning. Solar installed prices are falling at the rate of 1% per month.

If solar prices continue to decline at that rate, by 2015, solar prices will be below $2 per watt and then solar panels will be like Kudzu vines: Ubiquitous and Unstoppable”.

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Wow! That’s the best news I’ve heard ever about solar energy. I hope the big companies are sincere about going solar.

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